According to a prediction made by real estate firm Unique Properties, a 62 percent growth in high-net-worth individuals (HNWIs) from 2012 to 2022 has “placed Dubai’s real estate market on a trajectory” to reach AED300 billion in sales this year.
Over 68,400 HNWIs presently reside in Dubai, and an increasing number are moving there. The emirate’s management of the epidemic, as well as its convenient location, tax incentives, and supportive policies, among other factors, all contributed to its expansion.
According to all these reasons, the Dubai real estate market is expected to rise by 46 percent in 2023.
“Dubai’s real estate market has maintained its post-pandemic momentum and this has unlocked the potential to shatter last year’s historic growth with HNWIs consistently relocating to the UAE. Real estate has already surpassed AED 12 billion since the beginning of the year and with total property transactions in April increasing by more than 16 percent when compared to the same period one year ago,the emirate remains on an upward trajectory,” Unique Properties chief executive officer and founder Arash Jalili said.
Dubai is a top destination for wealthy individuals
Due to Dubai’s reputation as a top vacation spot for the rich, there has been a consistent inflow of wealthy investors.
As a result of the political and economic unrest in other parts of the world, particularly Europe, more and more Europeans are relocating to the UAE.
This pattern is likely to continue, and this year, the luxury real estate market in Dubai is expected to expand by about 14%, helped in part by an anticipated increase in Chinese investors.
Particularly noticeable areas of growth include Downtown Dubai, The Palm Jumeirah, and JBR. With a growth of 6 percent to 7.9 percent in 2023, making it the biggest value increase internationally, the prices of high-end properties in Dubai have increased dramatically as a result of the demand for beautiful dwellings in these areas.
Despite this rise in prices, there are still everyday transactions for homes worth at least AED 1 million.
According to the most recent data, there were 7,615 property sales in Dubai in April, and real estate prices increased on average by 14.5 percent yearly. According to the statement, the off-plan market was a big factor in this growth.